Cook sausage in a large skillet, stirring until meat crumbles and is no longer pink; drain well.
Drain diced tomato and green chiles, reserving 1/4 cup liquid.
Stir together sausage, diced tomato and green chiles, reserved liquid, and cream cheese. Spoon into a lightly greased 1-quart baking dish; sprinkle with Cheddar cheese. Bake at 350° for 20 to 25 minutes or until bubbly. Serve with corn chips.